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FedEx, Telefonica, Renault and the UK Hospital system are just some of the businesses that have been affected by the recent global cyber attack over the past few days, where a malicious email campaign, sending nearly five million emails per hour, sent email attachments containing a hidden malware known as ‘WannaCry’ to users.

To date, over 200,000 attacks have occurred in 150 countries, including Australia. The self replicating virus was able to enter company networks when unassuming employees clicked on these email attachments. Ransom notes were then sent to those affected demanding sums up to US$300 within 2 hours (before prices would double) in exchange for their data being released. Many articles have cited that the attack is believed to be the biggest online extortion attack ever recorded.

Dan Tehan, Assistant Minister for Cyber Security said the attacks were primarily aimed at small to medium sized private sector businesses, particularly those using older software and IT infrastructure.

This is a common software virus that can effect anyone no matter your size or occupation.

It’s a timely reminder to ensure you have effectively patched applications and to ensure your technology remains supported by the developer. It’s also a timely remind for considering whether you need cyber insurance in the event your system was ever affected.

Contact us and obtain an insurance quote regarding cyber insurance today.